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March 3rd, 2005
Foreign competitors are edging out the United States not just in today's snazzy consumer goods, but in the technologies that will define the marketplace in the years to come. Most economists and new economy thinkers believe that the likeliest candidate for the Next Big Thing is the research being done in nanotechnology. American scientists have been tinkering with nanotechnologies for 20 years. But some of the most cutting-edge research today is coming from overseas.
The worry of economists and business leaders is not simply that Japan, Israel, or South Korea will beat us, like one football team does to another. It is, more precisely, that we'll only be able to take advantage of rising wages in those countries (and afford our own here) if we continue to create new, cutting-edge products and services to sell to those countries – and right now America does not seem to be doing as much of that as we were just a few years ago.
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